Hindustan Unilever Limited · NSE:HINDUNILVR
Hindustan Unilever — Investor Day (September 2026)
168 slides from Hindustan Unilever's investor day presentation, Sep 4, 2026
Slide 1: Cover letter to stock exchanges: Presentation at Capital Markets Day 2026
4th September, 2026 Stock Code: BSE: 500696 NSE: HINDUNILVR ISIN: INE030A01027 BSE Limited, National Stock Exchange of India Ltd Corporate Relationship Department, Exchange Plaza, 5th Floor, 2nd Floor, New Trading Wing, Plot No. C/1, G Block, Rotunda Building, P.J. Towers, Bandra – Kurla Complex, Da
Slide 2: Winning in New India – Capital Markets Day 2026
Winning in New India CAPITAL MARKETS DAY 2026 Sensitivity: Public
Slide 3: Agenda
Agenda 1. Our Strategy to Win 2. Segment Presentations 3. Value Creation Model 4. Breakout Sessions 5. Q&A 2 Sensitivity: Public
Slide 4: Safe harbour statement
Safe harbour statement This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar
Slide 5: Winning in New India – Priya Nair, MD & CEO
Winning in New India Priya Nair, Managing Director & CEO 4 Sensitivity: Public
Slide 6: HUL at a Glance
HUL at a Glance 5 Sensitivity: Public
Slide 7: The largest & one of the most loved companies in India
The largest & one of the most loved companies in India ₹ 63,763 cr. 21 brands 9 out of 10 #1 Annual Turnover more than Households use one or Turnover ₹ 1000 cr. more of our brands Employer of choice >90% 85 Bn+ 9 Mn+ Turnover with Packs sold in a Outlets #1 market position year reached Turnover mile
Slide 8: Four powerhouse segments
Four powerhouse segments ₹ 23,672 cr. ₹ 14,990 cr. ₹ 9,564 cr. ₹ 14,061 cr. Home Care Beauty & Wellbeing Personal Care Foods FY’26 Revenue = Segment Turnover + Other Operating Revenue 7 Sensitivity: Public
Slide 9: With a robust profit and cash profile
With a robust profit and cash profile 23.6% ₹ 11K cr. EBITDA Margin Operating Cash Fl ow 110.9% ₹ 49K cr. Return on Capital Employed Reserves Best - in- class supply chain costs All financial figures pertain to FY’26 Return on Capital Employed and Reserves pertain to standalone business 8 Absolute O
Slide 10: HUL has delivered a decade of value creation
HUL has delivered a decade of value creation Consistent, volume - led Industry - leading Sustained cash growth profitability generation Turnover EBITDA Operating cash flow 2X 3X 4X FY'14 FY'24 FY'14 FY'24 FY'14 FY'24 9 All reported figures include Ice Cream business for full reporting period Sensiti
Slide 11: Growth has been muted in the last two years
Growth has been muted in the last two years amidst a challenging operating environment Turnover FY'24 FY'26 Turnover excludes Ice Cream business for the full reporting period 10 FY’24 turnover excluding Ice Cream is unaudited Sensitivity: Public
Slide 12: Decisive actions taken in the last one year
Decisive actions taken in the last one year are resetting HUL for stronger growth Elevating desire of Sharper resource Acceleration of key our brands allocation growth pockets SASSY framework to transform Focus on fewer, Geographies, channels & brands bigger bets portfolios Execution Rewired step -
Slide 13: Resulting in progressive step-up in performance
Resulting in progressive step - up in performance Underlying Sales Growth % 10% 7% 5% 3% FH FY'26 DQ'25 MQ'26 JQ'26 Continued to strengthen competitiveness Underlying Sales Growth (USG): Increase in turnover for the period, excluding any change resulting from acquisitions and disp osa ls 12 Competit
Slide 14: The New India Opportunity
The New India Opportunity Sensitivity: Public
Slide 15: India's consumption story is just getting started
India’s consumption story is just getting started Fastest growing major Under - indexed FMCG Rising household economy spends incomes India’s GDP ranking 3 $63 6 2030 Projected 10 2026 293 Mn HH 386 Mn HH 2018 2030 Projected 2014 Thailand China 7X 3X Segmentation by annual household income < $4,000 $
Slide 16: India FMCG offers a rare combination of scale & per-capita growth
India FMCG offers a rare combination of scale & per - capita growth Bubble size: Total FMCG market value, 2025 Indonesia India Per - capita spend growth Thailand Brazil Japan USA China UK Absolute market - value increase from 2025 - 30 Source: FF&A Report, Euromonitor (at constant prices) 15 Synthet
Slide 17: Five structural shifts are creating a New India
Five structural shifts are creating a New India Population New - age transformation villages 377 million ₹ 2 Lakh cr. GenZ consumers Government’s in India annual budget for rural transformation Women Road in- charge connectivity 25% to 43%+ 2 nd Largest Participation of women road network in the in
Slide 18: Growth opportunities in New India are emerging in sub-segments
Growth opportunities in New India are emerging in sub - segments Newer geographies Newer channels Small towns growing at Q - com expected to reach 2X ₹ 2L cr. vs All India market by FY’28 Newer consumer spaces Newer media p latforms India growing at Social media users 2.5X ~500 Mn v s. World (Vitami
Slide 19: Winning in New India is winning in distinct growth cells
Winning in New India is winning in distinct growth cells Hair Care market Big cities Small towns Tier 4 + Rural Online MT GT Online MT GT Large GT Small GT POWER SPENDERS France HHI PREMIUMISERS Indonesia HHI DEMOCRATISERS Parts of Africa HHI HHI: Household Disposable Income 18 Sensitivity: Public
Slide 20: Winning in New India is winning in distinct growth cells
Winning in New India is winning in distinct growth cells Hair Care market Big cities Small towns Tier 4 + Rural Online MT GT Online MT GT Large GT Small GT POWER SPENDERS France HHI Urban Affluent Delta ₹ X cr. PREMIUMISERS Indonesia HHI Rural Value Seekers DEMOCRATISERS Delta c. ₹ 2X c r. Parts of
Slide 21: In rural, Hair Care will grow through consumption and premiumisation
In rural, Hair Care will grow through increased consumption and premiumisation Rural x Value Seekers Per capita income Rural tap water X 1.5X X 5X ₹ % of households Hair wash Homemakers with smartphones X 1.2X X 2X Times per week % of households 2019 2026 20 Synthetic human images created using gene
Slide 22: In big cities, Hair Care will grow through increased penetration
In big cities , Hair Care will grow through increased penetration, adding new products to their haircare routine Big Cities x Power Spenders Per capita income Hair straightener X 1.5X X 1.6X ₹ % of households Regime expansion Social media usage by (# formats) ho memakers X 1.4X X 1.2X per household
Slide 23: Four key strategies to unlock growth
Four key strategies to unlock growth Big cities Small towns Tier 4 + Rural Online MT GT Online MT GT Large GT Small GT POWER SPENDERS France HHI NEW MARKET MAKING SPACES PREMIUMI SATION (MORE BENEFITS) New (MORE USERS) Using more premium shampoos Existing shampoo users adding Shampoo bottles formats
Slide 24: HUL's portfolio makes it uniquely positioned to win across these cells
HUL’s portfolio makes it uniquely positioned to win across these cells Big cities Small towns Tier 4 + Rural Online MT GT Online MT GT Large GT Small GT POWER SPENDERS France HHI PREMIUMISERS Indonesia HHI DEMOCRATISERS Parts of Africa HHI 23 HHI: Household Disposable Income Sensitivity: Public
Slide 25: Sensitivity: Public
Sensitivity: Public
Slide 26: Our Strategy to Win
Our Strategy to Win Sensitivity: Public
Slide 27: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Sensitivity: Public Synthetic human images created using generative AI to support illustrative and visual storytelling and do not represent actua l p ersons.
Slide 28: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 40% delta 40% delta 20% delta ENABLERS Crafting Desirable Brands Future - fit Go - to - Market AI as a Moat VALUE CREATION MODEL Genera
Slide 29: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 40% delta 40% delta 20% delta ENABLERS Crafting Desirable Brands Future - fit Go - to - Market AI as a Moat VALUE CREATION MODEL Genera
Slide 30: Driving consumption is a key source of category growth
Driving consumption is a key source of category growth Dishwash Rural tap w ater LPG/Gas Dishwash per c apita access connection c onsumption 5X 1.3X 3.5X (2026) (2026) X X X (2019) (2019) Source: Jal Jeevan Mission, Worldpanel, NIQ 29 Sensitivity: Public
Slide 31: HUL's leadership & reach position us to unlock more usage
HUL’s leadership & reach position us to unlock more usage 4X #1 90 % Relative market share Brand Power in Value Weighted in Dishwash Bars Dishwash Distribution Source: NIQ as on MAT Jul’26, BGS Synthetic human images created using generative AI to support illustrative and visual storytelling and do
Slide 32: Consumption headroom extends across core categories
Consumption headroom extends across core categories Laundry Soaps Tea Shampoo Affluent 1.2X 1.3X 1.5X 1.7X Value Seeker X X X X Source: Average consumption from Numerator, May’25 - Apr’26 31 Sensitivity: Public
Slide 33: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 40% delta 40% delta 20% delta ENABLERS Crafting Desirable Brands Future - fit Go - to - Market AI as a Moat VALUE CREATION MODEL Genera
Slide 34: Premiumisation in India is entering a new phase of acceleration
Premiumi sation in India is entering a new phase of acceleration Inflection Zone 3.5K to 4K Brazil 147 127 Thailand FMCG SPENDS PER CAPITA (USD) 107 87 Phillipines 67 Vietnam 47 Indonesia India 27 7 500 1500 2500 3500 4500 5500 6500 7500 8500 9500 10500 11500 GDP PER CAPITA (USD) - REAL 33 FMCG sale
Slide 35: HUL's portfolio is structurally advantaged to capture premium growth
HUL’s portfolio is structurally advantaged to capture premium growth HUL’s market share improves from mass to premium Premium (1.3X) Mass (X) Source: NIQ, MAT May’26 34 Sensitivity: Public
Slide 36: HUL brands are the equity leaders of the category
HUL brands are the equity leaders of the category HUL BRANDS ARE MOST LOVED - #1 BRAND POWER AMONG PREMIUM Brand Power Rank among Premium Brands Source: BGS Track, MAT Q2’26 35 Sensitivity: Public
Slide 37: HUL is investing disproportionately in our premium brands
HUL is investing disproportionately in our premium brands 60%+ media Investing in 2X more spend on specialised investment digital channels Premium Vs non - premium A&P as a % of Turnover 36 Sensitivity: Public
Slide 38: Dove is among HUL's fastest growing premium brands
Dove is among HUL’s fastest growing premium brands with huge headroom to grow 2015 2021 2025 Dove Masterbrand Turnover 37 Turnover based on calendar year 37 Sensitivity: Public
Slide 39: Dove in 2022
Making Dove more desirable & extending across categories Dove in 2022 38 Sensitivity: Public
Slide 40: Dove in 2026
Making Dove more desirable & extending across categories Dove in 2026 39 Sensitivity: Public
Slide 41: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 40% delta 40% delta 20% delta ENABLERS Crafting Desirable Brands Future - fit Go - to - Market AI as a Moat VALUE CREATION MODEL Genera
Slide 42: HUL is leading market making of under-penetrated segments
As the market leader, HUL is leading market making of under - penetrated segments Quarterly Category Penetration Hair masks Suncare Bodywash Dishwash liquid Laundry liquid Face cleansing <1% 2% 2% 7% 13% 17% Indonesia 64X 17X 16X 7X 3X 2X Index to India Numerator, L3M Jul’26 Category Penetration, Pe
Slide 43: Laundry liquids is on the tipping point for scale
For example, laundry liquids is on the tipping point for scale Massive headroom to develop Key markets have Washing machine laundry liquids markets already leapfrogged penetration increasing vs India WM Pen Cat Liquid Pen Market Market vol cont. 2Y CAGR 2.3X China Liquids 7% 20X 3.3 X Premium powder
Slide 44: HUL has a repeatable & proven Market Making model
HUL has a repeatable & proven Market Making model THE MARKET MAKING PLAYBOOK A systematic p ath to category leadership SUPERIOR TRIGGER LARGE - SCALE SOCIAL FIRST EDUCATION PARTNERSHIPS PRODUCT FOR TRIAL SAMPLING DEMAND GEN. Underpinned & Turbocharged by INVESTMENT FUEL GROWTH BUILD MOATS SCALE FAST
Slide 45: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 40% delta 40% delta 20% delta ENABLERS Crafting Desirable Brands Future - fit Go - to - Market AI as a Moat VALUE CREATION MODEL Genera
Slide 46: CPG is brimming with new, high growth segments
Male Grooming Masstige Skincare Hair Colourants VMS Ready - to - Drink Fragrances CPG is brimming with new, high growth Cooking Spices Biscuits segments Hair Oil Kids Nutrition Protein Hydration Floor Cleaning Functional Deos Surface Cleaners Healthy Snacking Sleep & Stress Condiments 45 Synthetic h
Slide 47: HUL will decisively enter select high growth new spaces
Male Grooming Masstige Skincare Hair Colourants VMS Ready - to - Drink Fragrances HUL will decisively enter select high growth new spaces CPG is brimming with emerging demand spaces Right to Win | Profit Pool | Sustainable Growth Cooking Spices Biscuits Kids Nutrition Hair Oil Protein Hydration Floo
Slide 48: Masstige Skincare
Masstige Skincare Sensitivity: Public 47
Slide 49: Sensitivity: Public
DERMATOLOGIST TESTED
Slide 50: CPG is brimming with emerging demand spaces
Male Grooming Masstige Skincare Hair Colourants VMS Ready - to - Drink Deo & Fragrances CPG is brimming with emerging demand spaces Cooking Spices Biscuits Kids Nutrition Hair Oil Protein Hydration Floor Cleaning Functional Deos Surface Cleaners Healthy Snacking Sleep & Stress Condiments Synthetic h
Slide 51: Protein
Protein Sensitivity: Public 50
Slide 52: Sensitivity: Public
AI generated content 51 Sensitivity: Public
Slide 53: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 40% delta 40% delta 20% delta ENABLERS Crafting Desirable Brands Future - fit Go - to - Market AI as a Moat VALUE CREATION MODEL Genera
Slide 54: Crafting Desirable Brands
Crafting Desirable Brands Sensitivity: Public
Slide 55: Consumer obsession is the bedrock of crafting for desire
Consumer obsession is the bedrock of crafting for desire 26,000+ hours of Building a social AI- enabled deep consumer listening engine foresighting research capability Synthetic human images created using generative AI to support illustrative and visual storytelling and do not represent actua l p er
Slide 56: Vaseline – Before
oO i fe) -_ oY [-2) Hindustan Unilever Limited
Slide 57: Vaseline – Today
If it’s Vaseline, it’s Verified. Z ~ j coun Vaseline. g SOT 4 ee 7 rl if at = = DEEP COCOA vase] MOISTURE GLOW HEALTHY BRIGHT a a Gluta-Hya [Ze] Ww ae a * EE : : i lipcare total moisture Sensitivity: Public
Slide 58: Resurgent Trusted Brand
Resurgent Trusted Brand Double-digit growth in FY’26 SCIENCE AESTHETICS SENSORIALS SAID BY OTHERS YOUTHFUL PRO CERAMIDE 57 100H of long lasting moisturization; 70X faster absorption Visible Superiority Sensitivity: Public 57
Slide 59: Before
Before 58 Sensitivity: Public
Slide 60: Kissan – Today
KARIPATTA 3 > coconur ~<A) CHUTNEY CHILLI PEANUT: AHATTI MEETHI THECHA IMLIKHAJOOR hk a — weno ae Sensitivity: Public
Slide 61: Reimagined Food Masterbrand
Reimagined Food Masterbrand From a condiment brand to a flavour hacking platform SCIENCE AESTHETICS SENSORIALS SAID BY OTHERS YOUTHFUL 60 Science of food & flavour Desirable Packaging Textures and flavours of Indian Expert ecosystems like GenZ first p airing culinary delight nutritionists & chefs Se
Slide 62: Powered by a social-first demand engine
Powered by a social - first demand engine 30K creator Digital spends AI- enabled ecosystem in 60%+ content India studios Sensitivity: Public 61
Slide 63: Future-fit Go-to-Market
Future - fit Go - to - Market Sensitivity: Public
Slide 64: Building a segmented frontline to Win in New India
Building a segmented frontline to Win in New India Win in Q - commerce Win in specialised c hannels Expand GT distribution Dedicated cross - functional Open format stores, Differentiated GTM for deep rural organisation & joint business planning chemists & cosmetics reach & assortment selling 63 Sens
Slide 65: Building an end-to-end Q-commerce organisation to win
Building an end - to - end Q - commerce organisation to win AI- enabled Targeted Category availability performance building engine m arketing p artnerships 64 Sensitivity: Public Synthetic human images created using generative AI to support illustrative and visual storytelling and do not represent a
Slide 66: Strengthening our Beauty execution engine
Strengthening our Beauty execution e ngine End - to - end Beauty - first Right portfolio dedicated Go - capabilities to - Market Sensitivity: Public 65
Slide 67: AI as a Moat
Sensitivity: Public AI as a Moat 66
Slide 68: AI @ Scale of HUL: Compounding value creation
AI @ Scale of HUL: Compounding value creation Sensitivity: Public 67
Slide 69: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 40% delta 40% delta 20% delta ENABLERS Crafting Desirable Brands Future - fit Go - to - Market AI as a Moat VALUE CREATION MODEL Genera
Slide 70: Our Value Creation Model is deeply rooted to Win in New India
Our Value Creation Model is deeply rooted to Win in New India Generate Fuel Deploy Fuel for Step - up Capital Deliver Volume - for Growth #1 Growth #2 for Growth #3 led Profit Growth #4 WHILE CREATING ENDURING VALUE THROUGH ESG 69 Sensitivity: Public
Slide 71: In Summary
In Summary ▪ Structural shifts in New India present an attractive FMCG growth opportunity ▪ HUL’s ‘Winning in New India’ strategy is focused on decisively winning in distinct growth pockets ▪ HUL will leverage its iconic portfolio to unlock competitive volume - led growth through consumption , premi
Slide 72: Winning in New India – Capital Markets Day
Winning in New India CAPITAL MARKETS DAY Sensitivity: Public 2026
Slide 73: Home Care – Vandana Suri
Home Care Vandana Suri Executive Director, Home Care Sensitivity: Public
Slide 74: Home Care: Revenue, Segment Margin, Contribution to HUL
₹ 23,672 cr. 19% 37% Revenue Segment Margin Contribution to HUL 5 BRANDS ABOVE ₹ 1,000 cr. 2 All financial numbers pertain to FY’26 Segment Revenue = Segment Turnover + Other Operating Revenue Segment Margin (EBIT) excludes exceptional items Sensitivity: Public
Slide 75: Growth drivers of Home Care
Growth drivers of Home Care WINNING IN NEW INDIA CAPTURING GROWTH POOLS AT SCALE Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 3 Sensitivity: Public
Slide 76: India has huge headroom to grow Consumption
India has huge headroom to grow Consumption ADOPTION OF AFFLUENCE WASHING MACHINE 1.2X Power Spenders 1.1X Premiumisers X Democratis ers 4 Numerator : Avg Consumption for any washing powder , Avg Consumption for any washing powder/liquid HH: Household Sensitivity: Public
Slide 77: HUL is best placed to drive Consumption in this market
HUL is b est placed to drive Consumption in this market Tiered p ortfolio High availability API Segmental index share index Tier 1 2.1X 3.1X Present in 9/10 Indian households 1.6X Superior products Tier 2 1.2X Product superiority increases consumption from SOG by Tier 3 X X 1.5X Nielsen Category API
Slide 78: Re-invigorated Wheel - Contemporary & competitive
Re - invigorated Wheel - Contemporary & competitive LARGEST BRAND STRONGER RELEVANT TO IN TIER 3 BRAND BHARAT GENZ Superior mix Digital first deployment in rural Highest equity among Tier 3 peers 6 Nielsen L3M July 2026 Sensitivity: Public
Slide 79: Premiumisation and format upgradation are growth drivers
Premiumisation and format upgradation are growth drivers PREMIUMISE SIZEABLE TIER 3 MARKET FORMAT UPGRADATION Volume Price Index Volume Price Index 21% TIER 1 2.1X 5% 2.2X LIQUIDS 23% TIER 2 1.2X 63% 1.5X POWDERS TIER 3 57% X 32% X 3 Mn Tons X BARS 7 Laundry India – Nielsen MAT July Sensitivity: Pub
Slide 80: …and key levers in scaling Surf excel
…and key levers in scaling Surf excel VOLUME 3X 2015 2025 TURNOVER 4X Sensitivity: Public Numbers basis calendar year | Volume in metric ton, turnover in ₹ cr 2015 2025 8
Slide 81: Driving Premiumisation with Surf excel Easy Wash
Driving Premiumisation with Surf excel Easy Wash Size of opportunity PENETRATION 1.3X ~3 Mn Tons of mass p owder & bars in India Top equity in market MAT'22 MAT'23 MAT'24 MAT'25 MAT'26 #1 Brand Surf excel in brand e quity 9 Sensitivity: Public Nielsen Panel | Numerator
Slide 82: Driving format upgradation with Surf excel liquid
Driving format upgradation with Surf excel liquid Low category penetration 13 % Q uarterly penetration of liquids PENETRATION 3X Machine adoption key trigger 3X Liquid penetration among machine owners MAT'22 MAT'23 MAT'24 MAT'25 MAT'26 Liquids under - indexed 5x X 10 Sensitivity: Public Nielsen Pane
Slide 83: Driving format upgradation with Vim liquid
Driving format upgradation with Vim liquid Low category p enetration PENETRATION 1.8X 7% Q uarterly penetration on d ishwash liquids #1 High relative share MAT'22 MAT'23 MAT'24 MAT'25 MAT'26 6X Relative TURNOVER 1.8X market share Malodor , a clear trigger 67% population consumes non - veg FY'21 FY'2
Slide 84: With a proven playbook for Market Making, at scale
With a proven playbook for Market Making , at scale Superior Trigger for Education & Wide distribution 01 02 03 04 Partnerships 05 product trial sampling with trial packs ₹ 10 Monsoon mustiness > ₹ 15 ~90 Mn Presence at every touchpoint of the consumer’s search for Malodour concern a washing machine
Slide 85: Home Care, in summary
Home Care, in summary 1. Home Care , a scale business with a solid track record. 2. Critical to our success is the deep consumer intimacy , and R&D knowledge that delivers superior products & experiences. 3. Home Care has immense headroom to grow . HUL is capturing growth across levers of consumptio
Slide 86: Beauty & Wellbeing – Harman Dhillon
Beauty & Wellbeing Harman Dhillon Executive Director Beauty & Wellbeing Sensitivity: Public
Slide 87: The #1 Beauty company in India
The #1 Beauty company in India ₹ 14,990 28% Revenue Segment (₹ cr.) Margin 23% 7 Revenue contribution ₹ 1,000 cr.+ brands to HUL All financial numbers pertain to FY’26 Segment Revenue = Segment Turnover + Other Operating Revenue Segment Margin (EBIT) excludes exceptional items Sensitivity: Public
Slide 88: Beauty's next wave will be won by playing across two Indias
Beauty’s next wave will be won by playing across two Indias supported by right ecosystems Her beauty reality beauty infra Per capita Penetration Channel Smartphone consumption ownership Power Spenders+ * * Only GT: 50% Premiumisers 6X 21X 4X Omni: 50% 86% Democratiser X X X Only GT: 80% 38% Omni: 20
Slide 89: Beauty shapers of the two Indias with iconic & new brands
We are the beauty shapers of the two Indias now with a portfolio of iconic & new brands Growth 2024 2026+ Index Power Spender 3 0X Premiumiser 3X Democratiser X 4 Growth index for FY’26 Sensitivity: Public
Slide 90: The Beauty shapers of India: competitive moats at both ends
The Beauty shapers of India | With competitive moats at both ends 1. Most loved 2. Specialised 3. Customised brands GTM mental reach models Power Spenders+ Premiumisers Dedicated beauty RTM Compound branding Democratiser Largest offline Sampling at Scale distribution 5 Source: Bintix , Euromonitor,
Slide 91: Winning playbook in action at both ends
The Beauty shapers of India | Winning playbook in action at both ends 1. SUN CARE 2. HAIR TREATMENTS 3. LIGHT MOISTURI SATION Gaining penetration with affluent consumers Power Spenders+ Premiumisers Democratiser #1 Leading share of new triers 6 Source: Bintix for affluent share, Numerator for New Tr
Slide 92: Winning in beauty
Being ruthlessly focused on scaling strategic growth pools Winning in beauty Consumption Premiumisation Market Making New Spaces Build Masstige & Build volumes Build beauty aspiration Build beauty regimes Wellbeing Examples for today’s presentation 7 Sensitivity: Public
Slide 93: Beauty Premiumisation
#1 Accelerate Beauty Premiumisation Example: Dove Hair Sensitivity: Public
Slide 94: Massive opportunity to premiumise
Massive opportunity to premiumise Largest hair care Sharp Beauty POV Most loved brand brand in India Loved by urban and rural GenZ 2007 MAT 26 Opportunity to Premiumise Penetration of conditioners Number of formats volumes 8X X X 4X 2 4 Democratiser Democratiser Power Spender Mass shampoo Premium sh
Slide 95: Dove: Building damage expertise to accelerate premiumisation
Dove | Building damage expertise to accelerate premiumisation Building damage expertise HAIR TREATMENT Power spender Premiumiser+ Accelerate upgradation from mass shampoo HAIR TREATMENT Democratiser Sensitivity: Public 10
Slide 96: Modern SASSY-er Dove with sharp POV to strengthen brand love
Modern SASSY - er Dove with sharp POV to strengthen brand love Sensitivity: Public
Slide 97: Beauty regimes
#2 Build Beauty regimes Example: Sunscreen Sensitivity: Public
Slide 98: Sun care: Fastest growing skin care segment
Sun care | Fastest growing skin care segment Under-penetrated market Hotter summer Working women Record breaking temperatures X 21X Erratic monsoon 200 Mn+ women stepping out for work Democratiser Power Spender El Nino Sensitivity: Public 13 Source: Bintix , Kantar
Slide 99: We have made decisive moves to continue to be market makers
We have made decisive moves to continue to be market makers 2024 2026 2024 2026 From To From To 100% 1 4 Brands X 600 X Influencers/month Multi - brand play Next - gen technology Advocacy - led model Sensitivity: Public 14
Slide 100: Winning in suncare with a robust portfolio at both ends
Power spender Winning in suncare with a robust portfolio at both ends Premiumiser+ Democratiser 15 Sensitivity: Public
Slide 101: Building Masstige & Wellbeing Business
#3 Building Masstige & Wellbeing Business Sensitivity: Public
Slide 102: The new beauty equation: looking good, feeling good, living good
The new beauty equation is not just looking good, it’s feeling good & living good as well Looking Good Living Good 56% search CAGR for actives - based skin care Beauty supplement searches up by 60% at a 4 - yr CAGR Sensitivity: Public 17
Slide 103: Breakout acquisition: Fastest brand to ₹ cr.+ ARR
Breakout acquisition | Fastest brand to ₹ 900 cr.+ ARR ARR 2 X FY 22 FY 23 FY 24 FY 25 FY 26 Powered by Maintaining brand ethos Unlocking synergies Launching blockbuster innovations ARR 2X is since acquisition Sensitivity: Public
Slide 104: Accelerating our wellbeing play with a differentiated portfolio
Accelerating our wellbeing play with a differentiated portfolio GenZ’s most loved hydration brand 4X FY 23 FY 24 FY 25 FY 26 Global expertise in Powered by Robust global portfolio of Best in class R&D Wellbeing brands 19 Sensitivity: Public
Slide 105: Simple: From incubation to scale at break-neck speed
Simple | From incubation to scale at break-neck speed 10X FY 22 FY 23 FY 24 FY 25 FY 26 Powered by GenZ first Strong omni - channel Tech for sensitive skin community building approach playbook Sensitivity: Public 20
Slide 106: Key Messages: Winning in both Indias at scale
Key Messages #1 We are the #1 Beauty company with scale, profitability of the most loved brands in India & house #2 We have deep consumer intimacy built over 90 years which enables us to delight varied consumers through our brands and products across the length and breadth of the country #3 India’s
Slide 107: One Vision: Be the Beauty shapers of India
One Vision Be the Beauty shapers of India Sensitivity: Public
Slide 108: Personal Care – Vipul Mathur
Personal Care Vipul Mathur Executive Director, Personal Care Sensitivity: Public
Slide 109: Personal Care
Personal Care Radically transforming our portfolio, leading disruption & building desire with our brands ₹ 9,564 cr. 19% Revenue Segment Margin 15% ₹ 1,000 cr.+ Brands % Contribution to HUL All financial numbers pertain to FY’26 Segment Revenue = Segment Turnover + Other Operating Revenue 2 Segment
Slide 110: Growth drivers for Personal Care
Growth drivers for Personal Care WINNING IN NEW INDIA CAPTURING GROWTH POOLS AT SCALE Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 3 Sensitivity: Public
Slide 111: Climbing the benefit ladder
Climbing the benefit ladder From category entry through hygiene to beauty, specialised benefits & formats SPECIALI SED SOLUTIONS & FORMATS Higher consumer value BEAUTY & ASPIRATION HYGIENE & PROTECTION 4 Sensitivity: Public
Slide 112: Consumption growth opportunity in core
Consumption growth opportunity in core New age villages Rural growth is 1.8X of urban Lifestyle improvement 2020 2025 Shower X 1.5X Running water X 1.5X Per capita consumption India Brazil X 2X 5 Source: Numerator Sensitivity: Public
Slide 113: Making Lux modern and contemporary
Making Lux modern and contemporary S Science A Aesthetics S Sensorials S Said by others Y Youthful 6 Sensitivity: Public
Slide 114: Premiumise bars with Dove & Pears
Premiumise bars with Dove & Pears >7 lakh tons of mass soaps sold in India Mass bars Premium bars X vs. 2X MAT market growth HUL outpacing premium market growth 7 Source: Nielsen Sensitivity: Public
Slide 115: Turbocharge market development in Bodywash
Turbocharge market development in Bodywash Vietnam penetration ~60% Benchmark to SEAA Bars Bodywash X 4X Last 3 years market growth % Bodywash Turnover 4X X 2021 2022 2023 2024 2025 8 Source: Nielsen. Turnover numbers for calendar year Sensitivity: Public
Slide 116: A scalable market development engine for Bodywash growth
A scalable market development engine for Bodywash growth 01 Social - first 02 Generating trials 03 Superior product 04 Physical presence 1.5X Distribution 2X Sampling at HUL’s Skincare - led Scale availability & media scale benefits visibility 9 Sensitivity: Public
Slide 117: Closeup: The OG SASSY brand for the youth
Closeup: The OG SASSY brand for the youth S Science A Aesthetics S Sensorials S Said by others Y Youthful Sensitivity: Public 10
Slide 118: Making everyday brushing a delightful sensory experience
Making everyday brushing a delightful sensory experience India Indonesia India China /Turkey X 1.7X X 20X Toothpaste consumption Whitening Segment Contribution Toothpaste Freshness Toothpaste Whitening X 1.3X X 2.5X Last 3 years market growth% Last 3 years market growth% HUL Penetration HUL outpacin
Slide 119: We will invest to market develop Functional Deodorants
We will invest to market develop Functional Deodorants Market opportunity HUL right to win Hot & humid country #1 Deodorant player globally More sweat = body odour More working women Low usage of Patented anti - perspirant Functional Deos technology Sensitivity: Public 12
Slide 120: Personal Care summary
Personal Care summary • Opportunity to drive consumption growth across consumer segments • Transforming the market with p remiumisation and market making • Our brands are building desire across Skin c leansing b ars , Bodywash , and O ral C are • We are leveraging a proven playbook for category crea
Slide 121: Foods – Rajneet Kohli
Foods Rajneet Kohli Executive Director, Foods Sensitivity: Public
Slide 122: A large Foods business with industry-leading profitability
A large Foods business with industry - leading profitability Seven Large, Iconic ₹ 1,000 c r.+ Brands ₹ 14,061 cr. Revenue 20% Segment Margin 22% Contribution to HUL All financial numbers pertain to FY’26 Segment Revenue = Segment Turnover + Other Operating Revenue; Segment Margin (EBIT) excludes ex
Slide 123: Market leadership across every key segment
Tea Lifestyle Nutrition Taj Mahal, Red Label, 3 Roses, Taaza and Lipton Horlicks and Boost Ketchups & Sauces Coffee Market leadership Kissan In South , Bru across every key segment we are in! Soups Jams Knorr Kissan Source: Nielsen Sensitivity: Public
Slide 124: India is changing & so are foods & beverages trends
India is changing & so are foods & beverages trends Changing affluence Changing population Changing lifespans Changing climate Changing workforce Coffee Health as a Premiumisation Hot to cold Convenience revolution currency Flavours, Lifestyle Flavours & functional Ready - To - Condiments formats &
Slide 125: India accelerates towards the inflection point
India accelerates towards the inflection point, Doubling the affluent Indians to 150Mn by 2030 Packaged Foods inflects at €9k, Coffee at €5k, Condiments at €6k Sensitivity: Public 5 Source: Euromonitor, McK insey Study on F&B Demand Spaces 2025
Slide 126: Growth drivers of Foods
Growth drivers of Foods WINNING IN NEW INDIA CAPTURING GROWTH POOLS AT SCALE Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES Sensitivity: Public 6
Slide 127: Reimagine
R E I MA G I N E Sensitivity: Public
Slide 128: Reimagine: From Legacy HFD Icon to Lifestyle Nutrition Leader
R E I MA G I N E From Legacy HFD Icon To Lifestyle Nutrition Leader Sensitivity: Public
Slide 129: Bringing back Nutrition SCIENCE in Horlicks with SUPERFOODS
Bringing back Nutrition SCIENCE in Horlicks with SUPERFOODS This video contains AI-generated visuals Sensitivity: Public
Slide 130: Protein is large, rapidly growing, crafted with Nutrition SCIENCE
Protein Is large, rapidly growing crafted with Nutrition SCIENCE – Fibre is a KEY DIFFERENTIATOR This video contains AI-generated visuals. Sensitivity: Public
Slide 131: Taking mix craftsmanship to GenZ consumers
Taking mix craftsmanship to GenZ consumers Disclaimer: This image contains visuals including synthetic human images created using generative AI Sensitivity: Public
Slide 132: Reimagine
R E I MA G I N E R E I MA G I N E Sensitivity: Public
Slide 133: Reimagine: From Kids' Condiments to Great Indian Food Brand
R E I MA G I N E From Kids’ Condiments To Great Indian Food Brand Sensitivity: Public
Slide 134: Unleashing the Chatora in all of us
Unleashing the Chatora in all of us to flavour-hack everyday meals, effortlessly. >» | if CHATT KAR JAO. ASS Sensitivity: Public
Slide 135: Sensitivity: Public
y IMLIKHAJOO} CHUTNEY
Slide 136: Reimagine
R E I MA G I N E Sensitivity: Public
Slide 137: Reimagine: From Mass to Premium, Kettle to Cup, Hot to Cold
R R E I MA G I N E From Mass to Premium From Kettle to A Cup From Hot To Cold Sensitivity: Public
Slide 138: Reimagine Beverages: Where the next decade will be won
REIMAGINE BEVERAGES Where the next decade of beverages will be won Strategic pivots 01 Mass → Premium 02 More value Kettle → Cup per cup 03 Hot → Cold Sensitivity: Public 18
Slide 139: Pivot #1: Mass to Premium
PIVOT #1 Mass to We upgraded India out of loose tea Premium - the next decade offers a bigger prize China story – premiumisation in 15 years India opportunity is HUL’s opportunity 1.5X 2010 25% 50% 15% 1X 2025 10% 25% 25% 20% 15% GT Q - com Loose FMCG / Packaged Premium Q - com showing signs RTD Tea
Slide 140: Pivot #2: Kettle to Cup
PIVOT #2 Kettle to Cup Families are turning nuclear, so needs turn personal and we move from ingredient to the end cup Families are going nuclear 50% of Indian families are now ONE KETTLE, ONE HOUSEHOLD nuclear, up from 37% in 2008 ↓ A CUP FOR EVERY Premix to unlock personalisation at scale INDIVIDU
Slide 141: Pivot #3: Hot to Cold
PIVOT #3 Hot to Cold For Under - 30’s, Cold is the default beverage. We are aggressively building COLD platforms BUILDING COLD PLATFORMS ACROSS BRANDS The fridge is now mainstream 211 Mn households now own a fridge, up from 176 Mn in 2022; cold has the infrastructure Sensitivity: Public 21
Slide 142: Foods menu for growth
Foods me nu for g rowth 1 HUL Foods is a large business with industry with significant headroom for growth - leading profitability , We have iconic brands and are REIMAGINING our portfolio 2 Horlicks: Superfoods & Protein 3 Kissan: The Great Indian Foods Brand , Chatt Kar Jao Beverages - Tea & Coffe
Slide 143: Our Value Creation Model – Niranjan Gupta, CFO
Our Value Creation Model Niranjan Gupta Executive Director, Finance & CFO
Slide 144: Winning in New India
WINNING IN NEW INDIA DELIVER COMPETITIVE VOLUME - LED GROWTH Consumption Premiumisation Market Making New Spaces MORE USAGE MORE BENEFITS MORE USERS MORE CATEGORIES 40% delta 40% delta 20% delta ENABLERS Crafting Desirable Brands Future - fit Go - to - Market AI as a Moat VALUE CREATION MODEL Genera
Slide 145: Our Value Creation Model is deeply rooted to Win in New India
Our Value Creation Model is deeply rooted to Win in New India Generate Fuel for Growth #1 Deploy Fuel for Growth #2 Step - up Capital for Growth #3 Deliver Volume - led Profit Growth #4 WHILE CREATING ENDURING VALUE THROUGH ESG 3 Sensitivity: Public
Slide 146: Our Value Creation Model is deeply rooted to Win in New India
Our Value Creation Model is deeply rooted to Win in New India Generate Fuel for Growth #1 Deploy Fuel for Growth #2 Step - up Capital for Growth #3 Deliver Volume - led Profit Growth #4 WHILE CREATING ENDURING VALUE THROUGH ESG 4
Slide 147: #1 Generate Fuel for Growth
#1 Generate Fuel for Growth A B Improve premium Maximise mix operating leverage C D Launch Future Drive AI - led media Savings Lab effectiveness 5 Sensitivity: Public
Slide 148: A. Improve premium mix
A. Improve premium mix Drive growth through margin accretive portfolio Design for channel 1.5x Accelerating margin accretive innovations Growth in GM - accretive portfolio vs. rest of portfolio Driving brand power through SASSY framework Sensitivity: Public 6
Slide 149: B. Maximise operating leverage
B. Maximise operating leverage Revenue growth ahead of fixed cost growth Leverage technology and AI across operations 1x 0.8x Maximise asset efficiency Cost discipline and leadership Revenue Growth Fixed Cost Growth Sensitivity: Public 7
Slide 150: C. Launch Future Savings Lab
C. Launch Future Savings Lab Multi - year savings programme Value chain transformation Moving closer to demand centres Strategic sourcing 100 bps In- house fragrance design Savings ahead of historical average Next - gen science platforms Formulation design Sensitivity: Public 8
Slide 151: D. Drive AI-led media effectiveness
D. Drive AI - led media effectiveness Using the power of AI in media creation to deployment Transform content creation with AI 10% Superior media deployment using our proprietary tool Better media effectiveness Maximise ROI through real - time optimisation 9 Sensitivity: Public
Slide 152: #1 Generate 500 bps of Fuel for Growth
#1 Generate 500 bps of Fuel for Growth A B Improve premium Maximise mix operating leverage 1.5x 0.8x C D Launch Future Drive AI - led media Savings Lab effectiveness +100 bps 10% 10 Sensitivity: Public
Slide 153: Our Value Creation Model is deeply rooted to Win in New India
Our Value Creation Model is deeply rooted to Win in New India Generate Fuel for Growth #1 Deploy Fuel for Growth #2 Step - up Capital for Growth #3 Deliver Volume - led Profit Growth #4 WHILE CREATING ENDURING VALUE THROUGH ESG 11 Sensitivity: Public
Slide 154: #2 Deploy Fuel for Growth
#2 Deploy Fuel for Growth Desirable product Media & Pricing & pack price Channel & packaging sampling architecture investments INVESTING ACROSS LINES OF THE P&L 12 Sensitivity: Public
Slide 155: With sharp prioritisation to fund our growth pools
With sharp prioritisation to fund our growth pools Growth Pools → Consumption Premiumisation Market Making More Usage More Benefits More Users Resources ↓ Desirable product & packaging Media & sampling Pricing & pack price architecture Channel investments 13 Sensitivity: Public
Slide 156: Our Value Creation Model is deeply rooted to Win in New India
Our Value Creation Model is deeply rooted to Win in New India Generate Fuel for Growth #1 Deploy Fuel for Growth #2 Step - up Capital for Growth #3 Deliver Volume - led Profit Growth #4 WHILE CREATING ENDURING VALUE THROUGH ESG 14 Sensitivity: Public
Slide 157: Our capital allocation framework
Our capital allocation framework BEST - IN - CLASS SHARPER CAPITAL CASH GENERATION DEPLOYMENT FRAMEWORK 01 Step up productive capex investments 02 Invest in reshaping the portfolio 03 Dividend payout to shareholders 100% Cash conversion Sensitivity: Public 15
Slide 158: Best-in-class cash generation
Best - in- class cash generation Operating p rofit growth Efficient working capital management Outcome 100% Payables Receivables Inventory Drive volume - led profit Continue negative trade working Cash conversion growth capital discipline Working Capital excluding cash & bank balances and current in
Slide 159: Step up capex investments to enable growth and productivity
Step up capex investments to enable growth and productivity 3% TO 2% TO >85% >75% Last 5 Years Plan Total capex spends towards growth & savings 17 Sensitivity: Public
Slide 160: Sharpening the portfolio to focus on fewer, bigger bets
Sharpening the portfolio to focus on fewer, bigger bets Pureit Ice Cream Nutritionalab Minimalist OZiva Disposal Demerger Divestment Acquisition Acquisition Sensitivity: Public 18
Slide 161: Continue to pivot the portfolio towards high-growth spaces
Continue to pivot the portfolio towards high - growth spaces 1 2 3 Existing brand Brands from Bolt - on extension Unilever stable acquisitions Sensitivity: Public 19
Slide 162: Reinvesting cash in line with our strategy
Reinvesting cash in line with our strategy Best - in - class cash Step up capex Invest in re - shaping generation investments the portfolio 100% 2% → 3% 20% of delta Cash conversion Capex % TO New spaces Delta: Incremental Turnover Contribution Sensitivity: Public 20
Slide 163: Our Value Creation Model is deeply rooted to Win in New India
Our Value Creation Model is deeply rooted to Win in New India Generate Fuel for Growth #1 Deploy Fuel for Growth #2 Step - up Capital for Growth #3 Deliver Volume - led Profit Growth #4 WHILE CREATING ENDURING VALUE THROUGH ESG 21 Sensitivity: Public
Slide 164: Deliver volume-led profit growth
Deliver volume - led profit growth Competitive v olume - led revenue g rowth Generate Fuel for Deploy Fuel for Growth Growth 500 bps 500 bps Medium - term EBITDA Margin r ange 22% - 24% Volume - led profit g rowth Shaping the portfolio structurally towards higher margins Sensitivity: Public Wider ra
Slide 165: Our Value Creation Model is deeply rooted to Win in New India
Our Value Creation Model is deeply rooted to Win in New India WHILE CREATING ENDURING VALUE THROUGH ESG Sensitivity: Public 23
Slide 166: Best-in-class ESG
Best - in - class ESG ENVIRONMENT IMPACT SOCIAL IMPACT GOVERNANCE STANDARDS 97% ^ 12 Mn+ Strong independent oversight Deforestation - free supply chain in palm People benefited cumulatively through 100% of board committees chaired by oil, tea, soy, cocoa, paper and board Prabhat independent director
Slide 167: Value creation to Win in New India
Value creation to Win in New India Values A winning culture with uncompromising governance, and a rewired organisation that acts with speed and consumer centricity. Value Creation Growth that is competitive, profitable, responsible and sustainable. Valuation Long - term focus with enduring fundament
Slide 168: Winning in New India – Capital Markets Day 2026
Winning in New India CAPITAL MARKETS DAY 2026 Sensitivity: Public